Azerbaijan’s economy contracted by 3.8 percent in 2016 compared to 2015. The non-oil GDP decreased by 5.4 percent in 2016.
“Capital investment, an important driver of growth in the previous years, dropped in January-September 2016,” she said adding that the Azerbaijani GDP is forecasted to grow by 1 percent this year.
“EBRD had been working extensively with its private sector clients to help them overcome the challenges connected with the regional economic crisis,” Duarte said.
Special efforts were made by the EBRD to support local companies with restructuring their financial liabilities in connection with the change in manat rate, according to her.
EBRD has allocated more than 3 billion euros to Azerbaijan for implementation of 160 projects since 1992.
One of the main tasks of EBRD is to ensure stable development of Azerbaijan`s non-oil sector by investing in small and medium-sized private enterprises.
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